Transcript

00:00:02

>> Ford firing CEO Mark Fields Monday amid growing investor dissatisfaction with the companies falling stock. Ford shares are down nearly 37% since Fields took over just three years ago, prompting Executive Chairman, Bill Ford and the board to act.>> We need to modernize our business, so we have to move decisively to address underperforming areas.

00:00:25

>> Ford now handing the reigns to James Hackett, the former CEO of office furniture maker, Steelcase, who joined Ford last year as the head of the driverless car unit The shakeup comes as the iconic automaker is hoping its investments in self driving cars, electric vehicles and ride services pays off in an evolving auto landscape.

00:00:46

And it's counting on Hackett to bridge the gap between Silicon Valley and Detroit. Reuters transportation editor, Joe White.>> Ford has to manage how do we deal with Google, Apple, Uber, and Tesla, companies like that, that are coming at the auto business from an entirely different perspective. From the perspective that the car Is a data gathering device and that the real value of a car are the systems that drive the car, that gather data from the car that tell you what the customer is doing in the car.

00:01:18

>> Rival Tesla and upstart recently surpassed GM and Ford's valuation and is now worth $51 billion. The contrast a dramatic sign of how little confidence investors have that old school auto makers can transition and stay competitive in a tech driven future.